Seoul, March 13 (IANS) The antitrust regulator is looking into suspected price-rigging collusion cases involving gas stations in southern regions amid volatile energy prices stemming from ongoing turmoil in the Middle East, officials said on Friday.Ju Biung-ghi, chairman of the Fair Trade Commission (FTC), made the remark at a meeting of a special government task force of ministers overseeing market prices the previous day, according to FTC officials, reports Yonhap news agency.He said several g…
Latest Korea National Oil Corp News & Updates
Seoul, March 9 (IANS) South Korean companies are seeking responsive measures to cope with soaring international oil prices as turmoil in the Middle East continues, industry sources said on Monday, while the government called for efforts to stabilise domestic fuel prices.Major companies here, including Samsung Electronics Co., SK Group, Hyundai Motor and Hanwha Group, have held emergency meetings over the past few days to monitor the volatility in the global energy market and come up with ways to…
Seoul, March 9 (IANS) Industry Minister Kim Jung-kwan on Monday called on major oil refiners to refrain from excessively raising prices amid a recent surge in international crude oil prices due to the ongoing Middle East situation, his office said.”We ask that transparent and fair petroleum pricing be implemented to ensure that the burden of rising international oil prices due to the recent situation in the Middle East is not unilaterally or excessively passed on to consumers,” Kim said in a mee…
Seoul, March 8 (IANS) Gasoline and diesel prices rose moderately on Sunday as the government considers adopting a price cap system amid concerns over rising energy prices following the escalating conflict in the Middle East.According to data from the Korea National Oil Corp., the nationwide average price of gasoline came to 1,893.3 won (US$1.27) per liter, up 3.9 won from the previous day, while diesel rose 4.8 won to 1,915.4 won per litre, reports Yonhap news agency.In Seoul, fuel prices also i…
Seoul, March 8 (IANS) The government is considering adopting a price cap system for oil for the first time in nearly 30 years, sources said on Sunday, amid concerns over rising energy prices following the escalating conflict in the Middle East.Officials began reviewing the possibility after surging global crude prices were reflected almost immediately in domestic fuel prices, rather than after the typical two-week lag, following U.S.-Israeli strikes on Iran and Tehran’s retaliatory attacks in th…